“Business is a perfect technological revolution”
The companies that are leading this innovative project, which is already in phase 2, participated in the meeting organized by Investment Strategies. Onyze, Renta 4, Allfunds, through its subsidiary Allfunds Blockchain and IoBuilders are the companies behind the tokenization of funds in Spain.
The protagonists made known in the gathering what tokenization is, what it can mean for the asset management industry, the role of the managing entity, what custody is and how it works, how this process works from a technical point of view and , finally, the advantages for the final investor.
In a very didactic way, the speakers made known to investors the great changes that are coming in the very immediate future. Specifically, Rubén Nieto, CEO of Allfunds Blockchain; Ángel Luis Quesada, CEO of Onyze, Miguel Jaureguizar Francés, director of Digital Development of Renta 4 and Fernando París, director of technology of ioBuilders.
“IoBuilders provides technological support to the project and regulatory vision for the tokenization of funds. Tokenization may be something unknown, but it is still the digital representation of an investment fund within the blockchain, in this case through ‘smart contract’ funds and their inherent capabilities such as programmability, traceability, are changeable … Each participant in a tokenized investment fund are individuals or legal entities that will have their participation in token format, the traditional format is an accounting entry in a database and now what we do is an accounting entry in token format on the blockchain ”, explains Paris.
“Allfunds Blockchain was born as a separate company from Allfunds, the largest fund company, last year and logically for us from a strategic point of view to advance in the creation of a blockchain network for the fund industry where all the participants that are part of the value chain of the industry that is not summarized so much in banks and management companies, since in the middle there are many participants there are depositaries, platforms, custodians, transfer agents … so that in the end there are many entities that participate so that the investments in the end come to fruition “, indicates Nieto, general director of Allfunds Blockchain.
“Allfunds Blockchain was born with the objective of starting up that network, of having the government of that network so that it is a private and permissioned network -as they say in blockchain-, that is, it is not a public network like bitcoin. In the end, what we want is for the customer’s user experience to improve with greater transparency and traceability ”, adds Nieto.
Miguel Jaureguizar, Renta4 Digital Development Director, stresses that “Innovation is often governed by the attributes and characteristics of the technologiesWe do not know if such technology is going to have such an effect or nobody knows what will happen in the future, but you know that there are a series of attributes that are aligned with where the world is going, such as mobility, a more responsible use of data. , energy efficiency … We, in Renta 4, have long understood that the attributes of blockchain technology is the reduction of intermediation without the need to reconcile databases thanks to an accounting shared by all members of the network . It’s a perfect technological revolution for business, the blockchain is a technology that goes like a glove to the financial world ”.
“What customers are going to perceive is greater efficiency, more immediate movement… As was the Bizum of investment funds, which allows buying and selling quickly, with lower costs and with more transparency ”, remarks Jaureguizar. Renta 4 Banco, in fact, has just launched Renta 4 Digital Assets specialized in the tokenization and development of blockchain technology.
Finally, Ángel Luis Quesada, CEO of Onyz, the largest custodian of crypto assets in Spain, intervened. “We were born in 2019 and since then we have had significant growth, although this is the first project in which we are going to safeguard assets that are not cryptocurrencies as such. What we do is provide the security layer, the depository and custody layer of the private keys to be able to access the blockchain environment. In other words, the entry point to the blockchain ”.